Xencor (XNCR) has just posted its FY 2025 numbers, with Q4 revenue of US$28.2 million, a basic EPS loss of US$0.09, and net income loss of US$6.7 million, while on a trailing twelve month basis revenue came in at US$125.6 million and EPS at a loss of US$1.24 alongside a net income loss of US$91.9 million. Over recent quarters the company has seen revenue range from US$17.8 million to US$70.0 million per quarter, while basic EPS has moved between a loss of US$0.08 and a loss of US$0.73, setting the backdrop for forecasts that call for ongoing revenue growth but continued unprofitability. For investors, this mix of growing top line and persistent losses puts the spotlight squarely on how quickly margins might tighten and whether future revenue can meaningfully absorb the current cost base.

See our full analysis for Xencor.

With the headline figures on the table, the next step is to see how these results line up with the widely held stories around Xencor's growth potential and risk profile, and where the numbers start to challenge those narratives.

Revenue swings, but trailing sales hold above US$125 million

• Over the last six quarters, quarterly revenue has moved between US$17.8 million and US$70.0 million, while trailing twelve month revenue at Q4 FY 2025 sits at US$125.6 million compared to US$110.5 million at Q4 FY 2024.
• Consensus narrative highlights Xencor's revenue growth potential, and the data here gives some backing but also some nuance:
  • Forecasts call for revenue growth of about 28.7% per year, yet the trailing twelve month line has moved between US$108.7 million and US$150.1 million over recent quarters, showing that near term sales have not followed a smooth upward path.
  • Analysts' consensus view sees long term growth supported by the pipeline, while the reported revenue range serves as a reminder that progress can come with uneven quarterly contributions from milestones and collaborations.

Xencor's revenue story is central to both the cautious and optimistic views. If you want the full context behind those forecasts, it is worth seeing what the community is debating in detail: 📊 Read the what the Community is saying about Xencor.

Losses remain heavy, even as EPS improves on a trailing basis

• On a trailing twelve month basis, net income loss narrowed from US$232.6 million at Q4 FY 2024 to US$91.9 million at Q4 FY 2025, and EPS loss moved from US$3.58 to US$1.24 over the same span.
• Bears focus on the fact that Xencor is still unprofitable, and the numbers here give them several concrete points:
  • Losses have grown at about 40.8% per year over the past five years, and forecasts in the data show Xencor remaining unprofitable over at least the next three years, so the recent trailing improvement does not yet change that longer run pattern.
  • The bearish narrative also points to reliance on ongoing R&D spend and clinical milestones, and the sequence of quarterly net income losses in FY 2025, ranging from US$6.0 million to US$48.4 million, shows that the cost base still outweighs current revenue.

Skeptical investors are watching these losses just as closely as the pipeline story. If you want to see how they build a full bear case out of figures like the US$91.9 million trailing loss, it is worth reading the dedicated cautious breakdown: 🐻 Xencor Bear Case

P/S of 7.8x sits below biotech peers

• Xencor trades on a P/S of 7.8x, compared with 12.5x for the broader US biotech group and a peer average of 14.5x, so the shares are priced at a lower multiple of sales than many comparables.
• Supporters point to this lower P/S together with revenue growth forecasts as a key part of the bullish case, and the current data feeds into that argument in a few ways:
  • Bullish views lean on revenue growth expectations of around 29.9% per year in some scenarios and 28.7% in the base data, which, set against a lower P/S multiple, is seen as room for upside if those growth paths are achieved.
  • At the same time, the company is still loss making on US$125.6 million of trailing revenue, so anyone leaning on the bullish narrative has to weigh the relatively low sales multiple against the fact that earnings are not yet supporting a P/E based view.

Supporters who see that 7.8x P/S as an opportunity often anchor their view in the bullish pipeline story. If you want to see how they connect these valuation numbers with future growth assumptions, the detailed bull case is a useful next read: 🐂 Xencor Bull Case

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Xencor on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

With both concerns and optimism running through these numbers, it is worth looking at the data yourself and deciding where you stand. To help with that, take a close look at the 2 key rewards and 1 important warning sign and see how the balance of risks and rewards lines up with your own view.

See What Else Is Out There

Xencor still reports sizable losses on US$125.6 million of trailing revenue, with forecasts pointing to continued unprofitability despite the company’s revenue story.

If you are uneasy about ongoing losses and would rather focus on companies with stronger value support, take a look at our 53 high quality undervalued stocks that may offer more grounded entry points.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.